Cuban Foreign Minister Bruno Rodriguez took over leadership from last year's chair Pakistan.
UN Secretary-General Antonio Guterres said at the handover ceremony that in many ways, the Group of 77 and China reflects the goal of the United Nations itself.
"Year in and year out, you stand together to discuss, debate and amplify global solutions to realize the better, fairer and more sustainable future every country deserves," he said.
He also highlighted the challenges facing the world: growing poverty and inequalities, pandemics, recession, unemployment, climate change and the rights of women and girls being disrespected.
"While each challenge is different, they are all felt most keenly in the countries you represent," he added.
The group now counts 134 countries as members, but has retained it initial name.
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